Synthetic Cannabinoids Market: Introduction
- Synthetic cannabinoids are human-made mind-altering chemicals found in the marijuana plant that provides medical benefits. Synthetic cannabinoids are functionally similar to 9-tetrahydrocannabinol (THC), the active principle of cannabis that are naturally found in the marijuana plant. Synthetic cannabinoid drugs generally contain a mixture of psychoactive compounds that mostly bind cannabinoid receptors with high potency and efficacy. Several pharmaceutical companies are currently researching and developing synthetic cannabinoids for different therapeutic applications. The manufacturing of chemically synthesized cannabinoids occurs in regulatory-approved API facilities much like other pharmaceutical drugs and has a repeatability factor that allows the development of consistent batches.
- The global synthetic cannabinoids market is projected to grow at a significant pace during the forecast period, owing to their therapeutic effects on a wide range of illnesses and diseases, including depression and anxiety, seizures, dermatological conditions, and even various cancers.
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Key Drivers of Global Synthetic Cannabinoids Market
- Decriminalization of synthetic cannabis products and rise in awareness about the advantages of synthetic cannabis in the treatment of pain, skin disease, vomiting, and depression are likely to drive the global synthetic cannabinoids market
- Favorable government support and approvals for products based on synthetic cannabinoids are some other factors that are expected to drive the global synthetic cannabinoids market
Side Effects of Synthetic Cannabinoids to Restrain Global Market
- Long-term use or chronic use of synthetic cannabinoids has been associated with serious psychiatric and medical conditions such as sever cognitive impairment and even death. This can hamper the growth of the market.
North America to Hold Major Share of Global Synthetic Cannabinoids Market
- The synthetic cannabinoids market in North America is anticipated to grow at a rapid pace during the forecast period. This can be attributed to the wide availability of products and presence of major companies constantly promoting its brand among health care professionals in the region. Moreover, recent approvals of cannabidiol drugs by the FDA in the U.S. for the treatment of two severe forms of epilepsy: Lennox-Gastaut syndrome and Dravet syndrome. This is expected to drive the market in the region.
- The synthetic cannabinoids market in Europe is anticipated to grow at a significant pace due to rise in adoption of synthetic cannabinoids drugs among cancer patients and rise in awareness about therapy, specially, in developed countries of Europe where research and development activity is high such as Germany, the U.K., and France
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Key Players Operating in Global Synthetic Cannabinoids Market
Major players operating in the global synthetic cannabinoids market are:
- AbbVie Inc.
- GW Pharmaceuticals plc.
- Mylan N.V.
- CV Sciences, Inc.
- Isodiol International Inc
- CURE Pharmaceutical
- Zynerba Pharmaceuticals, Inc
- Aphios Corporation
- BOTANIX PHARMACEUTICALS
- INSYS THERAPEUTICS, INC
Global Synthetic Cannabinoids Market: Research Scope
Global Synthetic Cannabinoids Market, by Product Type
- Prescription Synthetic Cannabinoids
- Non-prescription Synthetic Cannabinoids
- Cannabis Oils
- Dried Cannabis
Global Synthetic Cannabinoids Market, by Indication
- Pain Management
- Skin Problem
Global Synthetic Cannabinoids Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Synthetic Cannabinoids Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.